BUZZ-Alphabet tumbles 5%; DOJ says Google must divest Chrome

Reuters11-21 23:13

** Shares of Google-parent Alphabet down 5.6% to $166.25 early Thurs after U.S. Department of Justice says it must sell its Chrome browser

** GOOGL shares tracking biggest daily pct decline since Jan 31 ** Alphabet must take other measures, including possibly selling Android - to end its monopoly on online search, prosecutors argued to a judge on Weds

** Their proposals include ending exclusive agreements in which Google pays billions of dollars annually to Apple and other device vendors to make its search engine the default on their tablets and smartphones

** The iPhone maker's stock off about >1% in early trade ** "DOJ's approach would result in unprecedented government overreach that would harm American consumers, developers, and small businesses - and jeopardize America's global economic and technological leadership at precisely the moment it's needed most," said Alphabet Chief Legal Officer Kent Walker

** GOOGL shares slipped 1.2% on Weds after Bloomberg reported DOJ would ask a judge to force co to sell off its internet browser ** In other news, the U.S. Consumer Financial Protection Bureau said tech giants who together process more than 13 bln financial transactions annually through digital wallets and payment apps will be subject to government supervision

** With move on the session, GOOGL shares up ~19% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper.thomsonreuters.com@reuters.net lance.tupper@tr.com 1-646-279-6380))

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